Newly Opened Velocity Foundry to Hold Open House in Kitchener

The Velocity Foundry, which opened this summer in Kitchener, will have an open house this Friday, September 26, from 4:00-7:00 p.m.

An accelerator for hardware and life sciences startups, the Velocity Foundry is associated with Velocity Garage and the University of Waterloo. At 11,000 square feet, Velocity Foundry effectively doubles the size of Velocity’s incubator space, as well as compartmentalizing it between hardware startups and more traditional SaaS-based efforts.

“The Velocity Foundry was created to provide space for the increasing number of hardware, material and life sciences companies being created by University of Waterloo students,” said Mike Kirkup, director of Velocity. “It provides a great landing space for companies from our Velocity Science program and we are delighted to provide the equipment and facilities to support the specific needs of these companies.”

Velocity’s various programs have given birth to over 100 startups, including Kik, the Pebble watch and Thalmic Labs, creators of the Myo bracelet.

The Foundry space can house approximately 20 startups in a large, open space with enormous windows. Meeting rooms are available for privacy.

Part of the point of the Foundry is to give space and a community base to startups who need a leg up in terms of revenue. So eligible applicants will be earning less than $250,000 on an idea that’s promising enough to utilize the Foundry’s technical and mentorship services.

Velocity took over and renovated the old King Centre space, located at 45 Water Street South, a failed shopping mall built in 1980 meant to lure shoppers back downtown who had been taking their business to suburban box stores and strip malls.